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Rankings: The Global Giants

U.S. companies and European financial firms
dominate

After years of high volatility as stock markets swung wildly, this year's rankings of the world's largest public companies are remarkable for how little change they show from 2003.

U.S. businesses continue to dominate the list of the biggest public companies, with 55 of the top 100 -- down by just one from last year. And among the biggest financial companies, European companies still hold sway, also with 55 of the top 100 -- up just one from 2003.

The Journal Report

As U.S. and international stock indexes generally show year-to-date changes in the low single digits, gone are the dizzying climbs, stomach-churning descents and partial recoveries that many stocks -- especially U.S. technology stocks -- have seen in the past several rankings. In their place are comparatively minor moves in a handful of sectors.

General Electric Co.
holds the top spot for the fifth year in a row in the ranking of public companies, based on Aug. 31 stock-market value. GE's market cap grew 16% since last year's ranking.

The fortunes of the No. 2 and 3 companies reflect two of the few broad sector shifts in the rankings. Amid a strong market for oil stocks,
Exxon Mobil Corp.
rose two slots to No. 2, while
Microsoft Corp.
slipped from second to third as tech stocks tended to edge lower in the rankings.

Other oil stocks that climbed included
BP
PLC at No. 7, up three spots;
ChevronTexaco Corp.
at No. 26, up seven places; and Italy's
ENI
SpA, rising to 38th from 52nd.

In all, U.S. companies hold eight of the top 10 places and 14 of the top 20 in this year's rankings.

European companies claim 33 of the top 100 slots, up one from last year. The U.K., with 11 entries, accounts for a third of the European presence. That includes the top European concern, BP, in the seventh spot, and three other companies in the top 20.

Japan places seven companies on the list, up one from 2003.
Toyota Motor Corp.
is the highest-ranked Japanese company, climbing eight places from last year to No. 16.

In the ranking of the world's largest financial companies, based on assets, Mizuho Financial Group of Japan holds the top spot for the fourth year in a row. And eight other Japanese companies make the ranking.

The leading European countries in the financial ranking are Germany, with 11 companies, and the U.K., with 10. The top European financial companies:
Allianz AG
of Germany, a repeater at No. 3, and
UBS AG
of Switzerland, which rose two spots to No. 4.

These are some of the findings that emerge from The Wall Street Journal's 19th annual global rankings of companies and financial institutions. The rankings were compiled by The Wall Street Journal Market Data Group in conjunction with FactSet Research Systems Inc., based in Greenwich, Conn.